There have been two consistent themes that John Murphy and Arthur Hill have been stressing in recent Market Messages. One has been that the rally from mid-March is a bear market rally. The other has been that the rally has probably ended. That dual reality was brought into sharper focus on Friday when a combination of intermarket forces sealed the fate of bullish hopes. A huge jump in the unemployment number, a big drop in the U.S. Dollar, and a record surge in oil prices sunk the stock market in a big way. Chart 1 shows the S&P 500 hitting two-month lows on heavy volume. That’s af[...]
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[Source: The Money Blogs]
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